Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company reported a revenue of 7.94 billion yuan for 2024, representing a year-on-year growth of 14.86%. The annual yarn sales volume reached 242,300 tons, an increase of 11.84%, both achieving historical highs. The net profit attributable to the parent company was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high base of investment income from the previous year. The net profit after deducting non-recurring items turned from a loss to a profit at 220 million yuan, indicating a significant improvement in the core business profitability [1][4] Revenue Breakdown - In 2024, the company achieved domestic revenue of 1.9 billion yuan, a year-on-year increase of 6%, while overseas revenue reached 5.4 billion yuan, up 17% year-on-year. The global textile and apparel industry is gradually emerging from the inventory destocking cycle of 2023, with consumer demand gradually releasing [2] Product Performance - The revenue from colored yarn in 2024 was 4.1 billion yuan, an increase of 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points. The revenue from grey fabric was 3.3 billion yuan, a slight decrease of 1% year-on-year, but the gross margin improved by 4.19 percentage points to 6.60% [1] Dividend Policy - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax), resulting in a cash dividend payout ratio of 95.05%. Additionally, the board plans to implement a mid-term dividend in 2025 [1] Equipment Upgrade Investment - The company has increased its investment in equipment upgrades, with total investments exceeding 200 million yuan. The investment in domestic factory upgrades was approximately 30 million yuan, while the investment in the Vietnam factory was about 188 million yuan, significantly enhancing production efficiency and product quality [3] Financial Forecast Adjustments - Based on the performance in 2024, the earnings per share (EPS) forecasts for 2025-2027 have been adjusted to 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively, down from previous estimates of 0.40 yuan for both 2025 and 2026 [4]

C 端月活和付费用户保持稳健增长，扫描王持续推出新功能。主要 C 端产品 （包括扫描全能王、名片全能王、启信宝）月活达到 1.71 亿（+14%），累 计付费用户数为 743.92 万（+22.45%）。参考原报表口径，C 端扫描王收入 9.82 亿元（+21.43%），名片王收入 0.28 亿元（+15.78%），启信宝收入 0.64 亿元（-9.08%）。相关广告收入约 1.30 亿元（+35.66%）。其中扫描王营业 成本增长 40.55%，较大幅度高于收入增长，显示公司推动用户增加存储、文 档管理等应用效果明显，为未来提升用户价值打下基础。除此之外，智能扫 描领域，公司优化升级"智能高清滤镜"功能等多个功能，创新产品 AI 教 育 APP 蜜蜂试卷推出智能出卷、智能解题等功能，持续拓展用户。 证券研究报告 | 2025年04月17日 合合信息（688615.SH） 优于大市 付费用户增长超 22%，B 端业务表现优异 收入和利润均保持稳定增长。2024 年公司营业收入 14.38 亿元（+21.21%）； 归母净利润 4.01 亿元（+23.93%），扣非归母净利润 3.67 亿元（+23.35%）。 ...

合合信息（688615.SH） 优于大市 付费用户增长超 22%，B 端业务表现优异 收入和利润均保持稳定增长。2024 年公司营业收入 14.38 亿元（+21.21%）； 归母净利润 4.01 亿元（+23.93%），扣非归母净利润 3.67 亿元（+23.35%）。 单 Q4 来看，公司收入3.89 亿元（+21.70%），归母净利润 0.94 亿元（+99.32%）， 扣非归母净利润 0.88 亿元。 C 端月活和付费用户保持稳健增长，扫描王持续推出新功能。主要 C 端产品 （包括扫描全能王、名片全能王、启信宝）月活达到 1.71 亿（+14%），累 计付费用户数为 743.92 万（+22.45%）。参考原报表口径，C 端扫描王收入 9.82 亿元（+21.43%），名片王收入 0.28 亿元（+15.78%），启信宝收入 0.64 亿元（-9.08%）。相关广告收入约 1.30 亿元（+35.66%）。其中扫描王营业 成本增长 40.55%，较大幅度高于收入增长，显示公司推动用户增加存储、文 档管理等应用效果明显，为未来提升用户价值打下基础。除此之外，智能扫 描领域，公司优化升级"智能高清滤镜"功 ...

Investment Rating - The investment rating for the company is "Hold" [6] Core Views - The company achieved a revenue of 7.94 billion yuan in 2024, representing a year-on-year growth of 14.86%. The annual yarn sales volume reached 242,300 tons, an increase of 11.84%, both hitting historical highs. The net profit attributable to the parent company was 410 million yuan, a decrease of 18.62% compared to the previous year, primarily due to a high base of investment income from the previous year. The net profit after deducting non-recurring items was 220 million yuan, indicating a significant improvement in the main business profitability [1][4] - The company plans to distribute a cash dividend of 2.6 yuan per 10 shares (including tax), resulting in a cash dividend payout ratio of 95.05%. Additionally, the board plans to implement a mid-term dividend in 2025 [1] - The company has increased its equipment renovation investment, with total investments exceeding 200 million yuan. The renovation in the domestic factory was about 30 million yuan, while the investment in the Vietnam factory was approximately 188 million yuan, effectively enhancing production efficiency and product quality [3] Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 1.9 billion yuan, a year-on-year increase of 2%, while the net profit attributable to the parent company was a loss of 0.02 billion yuan, a reduction in loss of 95% [1] - The revenue from color-spun yarn reached 4.1 billion yuan, up 29% year-on-year, with a gross margin of 11.22%, down 1.60 percentage points. The revenue from grey fabric was 3.3 billion yuan, down 1% year-on-year, with a gross margin of 6.60%, up 4.19 percentage points [1] Regional Performance - The company generated 1.9 billion yuan in revenue domestically, a year-on-year increase of 6%, while overseas revenue was 5.4 billion yuan, a year-on-year increase of 17% [2] - The global textile and apparel industry is gradually emerging from the inventory reduction cycle of 2023, with consumer demand gradually releasing. For instance, U.S. apparel imports reached 93.96 billion USD, a year-on-year increase of 3.2% [2] Production Capacity and Investment - The company has continued to increase its investment in equipment renovation, with over 200 million yuan invested. The Vietnam factory's revenue reached 5.997 billion yuan, a year-on-year increase of 13.03%, with a net profit of 504 million yuan, a year-on-year increase of 299.91% [3] - As of the end of 2024, the production capacity of the Vietnam factory accounted for approximately 77% of the group's total capacity [3] Earnings Forecast - Based on the performance in 2024, the earnings forecast has been adjusted, with expected EPS for 2025, 2026, and 2027 being 0.30 yuan, 0.33 yuan, and 0.36 yuan respectively [4]

证券分析师 证券研究报告 机械设备 | 通用设备 北交所|首次覆盖报告 hyzqdatemark 2025 年 04 月 17 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 月 | | | | | 年 | 04 | 日 | 16 | 2025 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | | | 18.88 | | | 一 年 内 低 | | 最 | 高 | / | 最 | | | | 26.00/6.84 | | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | 1,916.72 | | | 流通市值（百万元） | | | | | | | | | 777.90 | | | 总股本（百万股） | | | | | | | | | 101. ...

投资要点： 事件：2024 年业绩快报 公 司 财 公司披露 2024 年年报，2024 年实现收入 7.5 亿（同比+10.5%）， 归母净利润 2101 万（同比-63.7%），扣非后归母净利润-629 万；2024 年 Q4 单季度实现收入 2.5 亿（同比-0.2%），归母净利润 -1629 万，扣 非后归母净利润-2110 万。 华福证券 公 司 研 究 澳华内镜（688212.SH） 收入符合预期，25 年有望稳健增长 国内 25 年有望稳健增长，等待内镜招投标进一步表现。 报 点 评 分区域来看，24 年境内收入 5.86 亿（同比+4%），境外收入 1.6 亿 （同比+43%），保持高速增长。国内终端市场招采活动减少，受招投 标总额下降影响，国内业务收入增长有限；海外多个国家的产品准入 以及市场推广进展顺利，全方位提高了品牌影响力，延续高增态势。 众成数科数据库显示，25 年 1-3 月招投标数据表现良好，考虑到行业 进一步去库，以及奥巴、国产新品的上市及销售的加大投入的竞争环 境，国内全年有望延续稳健增长，海外随市场开拓推进，预计维持高 增。 利润端短期承压，核心受营销及研发投入提高拖累 公 ...

Investment Rating - The investment rating for the company is "Add" [8] Core Views - The company has achieved high growth in performance, with a revenue of 4.848 billion yuan in Q1 2025, representing a year-on-year increase of 39.23%, and a net profit of 980 million yuan, up 47.62% year-on-year [2][3] - The company's strategy of "nationalization + multi-category" is effectively driving growth, particularly in energy drinks and electrolyte beverages, with significant revenue increases in emerging markets [3][9] Summary by Sections Performance Overview - In Q1 2025, the company's main business revenue was primarily from energy drinks, generating 3.901 billion yuan, a year-on-year increase of 25.71%, accounting for 80.50% of total revenue. Electrolyte drinks saw revenue of 570 million yuan, up 261.46%, and other beverages generated 375 million yuan, up 72.62% [3] - The company successfully expanded into new markets such as North China and Southwest China, with North China revenue reaching 746 million yuan, a 71.67% increase year-on-year, and Southwest revenue at 623 million yuan, up 61.78% [3] Profitability - The gross margin increased by 1.70 percentage points to 44.47% in Q1 2025, primarily due to lower raw material prices and economies of scale. The net profit margin also rose by 1.14 percentage points to 20.21% [4] - The company aims for a revenue and net profit growth of over 20% in 2025, with projected net profits of 4.029 billion yuan, 4.937 billion yuan, and 6.107 billion yuan for 2025, 2026, and 2027 respectively [9] Financial Forecast - Revenue projections for 2024, 2025, 2026, and 2027 are 15.839 billion yuan, 20.154 billion yuan, 25.151 billion yuan, and 30.742 billion yuan respectively, with growth rates of 40.63%, 27.24%, 24.79%, and 22.23% [4][10] - Earnings per share (EPS) are expected to be 6.40 yuan, 7.75 yuan, 9.49 yuan, and 11.74 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 35.80, 29.56, 24.12, and 19.50 [12]

分析师：刘智 登记编码：S0730520110001 liuzhi@ccnew.com 021-50586775 特种轴承和机床工具快速增长，2025 年 预算目标增长 23.12% ——国机精工(002046)2024 年报点评 证券研究报告-年报点评 买入(上调) 通用设备 市场数据(2025-04-16) | 收盘价(元) | 14.25 | | --- | --- | | 一年内最高/最低(元) | 18.74/9.04 | | 沪深 300 指数 | 3,772.82 | | 市净率(倍) | 2.17 | | 流通市值(亿元) | 74.93 | 基础数据(2024-12-31) | 每股净资产(元) | 6.58 | | --- | --- | | 每股经营现金流(元) | 0.48 | | 毛利率(%) | 35.27 | | 净资产收益率_摊薄(%) | 8.04 | | 资产负债率(%) | 39.36 | | 总股本/流通股(万股) | 53,626.68/52,584.05 | | B 股/H 股(万股) | 0.00/0.00 | 个股相对沪深 300 指数表现 资料来源：中原证券研 ...

证券研究报告：农林牧渔 | 公司点评报告 发布时间：2025-04-17 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 16.83 | | --- | --- | | 总股本/流通股本（亿股）12.43 / 12.43 | | | 总市值/流通市值（亿元）209 / 209 | | | 52 周内最高/最低价 | 17.32 / 10.57 | | 资产负债率(%) | 50.0% | | 市盈率 | 28.65 | | 第一大股东 | 福建圣农控股集团有限 | | 公司 | | 研究所 分析师:王琦 SAC 登记编号:S1340522100001 Email:wangqi2022@cnpsec.com 圣农发展(002299) 降本增效，业绩逆势增长 ⚫ 事件： 公司发布 2024 年年报，实现营业收入 185.86 亿元，同比增加 0.53%，实现归母净利润 7.24 亿元，同比增幅 9.03%。虽然 24 年鸡 肉、肉制品价格下降，但公司推进销售转型、精细化管理、着力提质 增效，24 年公司销量增长成本下降，实现了业绩的逐季增长。 ⚫ 家禽饲养加工行业：降本增效， ...

证券研究报告 | 2025年04月17日 中孚实业（600595.SH） 优于大市 成本下降权益产能提升，高分红可期 公司 2024 年营收同比增长 21%，归母净利润同比下滑 39.30%。公司 2024 年 实现营收 227.61 亿元，同比+21.12%；实现归母净利润 7.04 亿元，同比 -39.30%。单四季度来看，公司实现营收 60.28 亿元，同比+17.05%，环比 +5.04%；实现归母净利润-0.24 亿元，同比-106.46%，环比-108.31%。四季 度利润为负主要由于氧化铝价格快速上涨，公司不具备氧化铝产能，导致成 本大幅提升。2025 年一季度，公司实现营收 50.21 亿元，同比-3.10%，环比 -16.70%；实现归母净利润 2.3 亿元，同比+426.79%，环比扭亏。2024 年公 司未分配利润为负，暂不进行现金分红。 2024 年公司铝加工产品产量提升 33%。产销情况方面，2024 年公司电解铝产 量（不含下游铝加工使用量）40.88 万吨（-6.15%），销量 40.94 万吨（-5.93%）， 单位毛利 2,115 元/吨。铝加工产品产量 67.75 万吨（+ ...